A Modern Expense Report System Is A Digital, Cloud-Based One

It’s understandable that a company will only want to spend money when it’s necessary. Prudent, cautious spending means no impulsive risks are taken, and if something is already working, is there any need to spend even more money to improve a process that currently works?

That’s the reason many companies use when they look at they manage expense reports. And even though we live in the 21st century, many companies choose to use old fashioned manual entry systems, where people simply fill out forms, attach receipts and hand them into the finance department. Some people have transitioned over to a more computerised system, but even this still involves disparate, spreadsheet style programs that involve filling out an electronic form, rather than a paper one, and either printing and submitting that form, while still needing to present receipts or a photocopied or faxed reproduction in order to be properly processed.

In either of these cases, the same amount of work—and the potential for inaccuracies—is there, it’s simply changed from paper to digital. With isolated forms, or programs, more and more room for delays, errors, and even abuse of the system exist.

With a software solution that is integrated, automated, and online, many of these problems are either minimised or disappear entirely. Expense report software can be installed on any system—even as an app on mobile devices—and can be connected to the Internet to update all information in a centralised location that anyone can access, from the employee making the report, to the finance department checking the report as it happens, to management supervising how expenses are affecting operations. By incorporating credit card logging and tracking, expenditures on the company card can be automatically added and tracked by the software, making things easier for the expense report itself and corroborating records with the credit card company itself.

By investing the money and properly training staff, modern, online expense report software can significantly impact not just the efficiency of your expense report system, but the accuracy, error rate and honesty as well.